With the increased cases of identity theft and data leaks all around the world, identity management issues are becoming more prominent. The blockchain technology provides an alternative way of authenticating people within a decentralized and trustless system.
It is the property of immutability in blockchain that gives users the assurance that their wealth and information cannot be tampered with. Such an “assurance” is normally given to us by middlemen including banks, schools or any other central authority. Without choice, we often take them up on that assurance, and bestow our trust upon them. Blockchain aims at changing this system by integrating robust and integrity-based systems to verify the authenticity of information.
Blockchain technology can serve as a decentralized, permanent and unalterable store of all types of information or assets. Unlike traditional systems, blockchain-based systems are fully programmable and can be designed to add as many features and functions as necessary.
The real estate sector is beginning to explore the benefits of the blockchain technology. The latter is being considered for use in land registration systems because of its immutability feature along with its inherently secure way of transfering assets from one owner to another. Smart contracts also allow these systems to follow any regulations that are applicable.